The Institute Of Chartered Accountants Accountant Interview Questions and Answers

I have 2 years of experience in accounting.

• During my 2 years of experience, I have gained a strong understanding of accounting principles and practices.

• I have experience in preparing financial statements, managing accounts payable and receivable, and reconciling bank statements.

• I am proficient in using accounting software such as QuickBooks and Excel.

• I have also developed strong analytical and problem-solving skills th...read more

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.

• Accounting involves recording financial transactions

• It includes classifying and summarizing financial data

• The information is used to make business decisions

• There are different types of accounting such as financial accounting, managerial accounting, and tax accoun

Provisions are liabilities that are uncertain in timing or amount.

• Provisions are created to account for future expenses or losses.

• They are recognized in the financial statements when there is a probable obligation and the amount can be estimated.

• Examples include provisions for bad debts, warranties, restructuring, and legal claims.